The city of Peoria, staying the course on fiscal matters, has announced that its total property tax rate will not budge for the upcoming fiscal year. Residents will see no change in the rate, which is firmly pegged at $1.44 per $100 of assessed value. The primary and secondary tax rates, which undergird municipal services like policing and parks, as well as debt payments on voter-approved bonds, are to remain at their current figures of $0.29 and $1.15, respectively, according to a notice published by the city.
However, despite the steady total rate, the primary tax is slated for a little nudge upwards, with the city signaling an intent to increase this slice by $245,629, amounting to a 4.20 percent hike. For a home valued at $100,000, this translates into a $29.00 primary tax bill, a slight uptick over last year's $27.83 tag. While representing a modest increase, Peoria officials assure that this figure is decoupled from fresh revenue from newly constructed properties and does not include potential surges from bonded indebtedness or other budgetary overrides.
A truth in taxation hearing is on the books for May 28, where the Peoria City Council will throw open its doors to public discourse over these tax matters. Slated for 6 p.m. in the civic chamber at 8401 W. Monroe Street, residents have the opportunity to weigh in personally on the proposed changes. In line with Arizona statutes, notices of the public hearing will also appear in the "Peoria Times" on May 9, and in the "Daily Independent" on May 21. Those looking for further details can reach out to the City of Peoria Budget Office directly for more information.
Homeowners ought to note that any shifts in their Peoria property tax bill will be driven by changes in the assessed valuation of their property, since the City Council's purview extends solely to the setting of tax rates. Evaluations themselves are conducted by the County Assessor's office, separate from the city's tax rate decisions. Individuals with an appetite for more granular financial data ahead of the hearing can contact Peoria's Budget Office at 623-773-7527.
